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CZK: Koruna Struggles For Clear Direction

CZK

EUR/CZK trades flat at 25.159, with the koruna narrowly underperforming its CE3 peers PLN and HUF. Sideways trade has taken the pair below its upward sloping 50-DMA, with bears now targeting the 100-DMA at 25.070 and the psychologically significant 25.0 figure. Bulls see Aug 1 cycle high of 25.535 as their key level to watch.

  • The PX Index has slipped, last operates 0.3% shy of neutral levels, but the recovery trend drawn off lows printed in the midst of the wider market turmoil at the beginning of this month remains intact.
  • The local economic calendar is very light this week. CSOB wrote this morning that they "assume that trading will continue under the guidance of foreign markets" amid the "absence of interesting domestic impulses."

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